Different Types of VA Loans

VA Purchase Loans

VA Refinance Loans

Fixed Rate VA Loan:

The interest rate is fixed for the life of the loan (whether interest rates go up or down).

Payments generally stay the same each month.

No money down unless the purchase price is greater than the assessed value of the home.

No private mortgage insurance required.

Closing costs are limited.

VA guaranty means competitive interest rates.

Adjustable Rate VA Loan:

The interest rate is adjusted periodically by adding a margin to an index specified by the mortgage (a 1-year ARM adjusts annually).

Payments generally fluctuate along with the interest adjustment.

ARM’s have limits on the amount of interest adjustment that can be made in given periods and across the life of the loan.

No money down unless the purchase price is greater than the assessed value of the home.

No private mortgage insurance required.

Closing costs are limited.

VA guaranty means competitive interest rates.

VA Jumbo Loan

May be needed if over the standard $417,000 loan limit.

Depends on the limit for the county – contact us for more info.

Requires a small down payment.

VA Refinance Loan

Used to get equity out of your home for home improvements or other cash needs.

VA Streamline Refinance Loan

Lower the interest rate on your loan without incurring any out-of-pocket fees.

You can use your original document of eligibility

Available only for existing VA Loans.

More on VA Loans

VA Loans are only guaranteed by the U.S. Department of Veteran Affairs; lenders make the loans to eligible veterans for the purchase, construction, or energy-saving improvement (approved by the lender and VA) of a home.

VA loans also have easier eligibility requirements than conventional loans, often lower closing costs, and more liberal terms (usually no down payment is required) up to $417,000 however in some cases you may be able to go higher if you live in a high cost county.

The VA Loan allows a Veteran to not only purchase a home but refinance as well. Typically a Veteran will opt to refinance their VA Loan for one of two reasons.

— First to lower their interest rate on a current VA Loan (VA Streamline Refi).

— Second, to lower their interest rate from a different loan type to a new VA Loan (we call this a rate in term refi). Lastly, to pull cash out of their existing home for whatever purpose they would like (VA cash out refinance).

If you are eligible, the VA will issue a certificate of eligibility that you take to the lender when making application for your loan.

In accordance with Section 326 of the USA PATRIOT Act of 2001, First Choice Loan Services Inc. is required to obtain a copy of thedocuments used in identifying our new account customers. This notice is being provided to you for adequate notice given under this act.

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